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China's July corn imports 4th highest on record - customs
August 23, 2017 / 5:35 AM / 2 months ago

China's July corn imports 4th highest on record - customs

BEIJING, Aug 23 (Reuters) - China imported 910,000 tonnes of corn in July, the fourth highest volume on record, customs data showed on Wednesday, the latest sign of strong demand for cheaper grain after domestic prices surged earlier in the summer.

July corn imports were 910,000 tonnes, up from 383,093 tonnes in June and 28,985 tonnes in July last year, according to data from China’s General Administration of Customs.

The buying spree came as Chinese corn prices rose after the government slashed its corn output forecast following droughts in some areas in the corn belt region, pushing end users like feed makers to the foreign market.

Corn imports had generally been declining after Beijing scrapped its stockpiling system last year that had artificially supported domestic prices. (Reporting by Josephine Mason and Hallie Gu; Editing by Richard Pullin)

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